last week, jesse and i made an appointment at the bank to open up an RESP for Gemma. we figured we'd start as early as possible.
if you don't know how an RESP works, here's the lo-down.
you can contribute however much you want. the provincial government will match 20% of your contributions, up to a maximum of $2500 (so the government will give you a max of $500) per year. you can open an RESP as a GIC, mutual fund, or just a good ol' savings account (i'm sure there are probably other ways too). this money will collect interest over time and can be withdrawn to pay for tuition when your child decides to undertake postsecondary education. if they decide not to go at all, ever, then they can take all the principal back, but not the government contributions.
i wonder what the tuition will be like at Harvard in 2028?
if you don't know how an RESP works, here's the lo-down.
you can contribute however much you want. the provincial government will match 20% of your contributions, up to a maximum of $2500 (so the government will give you a max of $500) per year. you can open an RESP as a GIC, mutual fund, or just a good ol' savings account (i'm sure there are probably other ways too). this money will collect interest over time and can be withdrawn to pay for tuition when your child decides to undertake postsecondary education. if they decide not to go at all, ever, then they can take all the principal back, but not the government contributions.
i wonder what the tuition will be like at Harvard in 2028?
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